India to increase crude purchases from Nigeria, Abuja says
ABUJA India plans to buy more crude oil from Nigeria, Nigeria's presidency on Tuesday quoted India's vice president as saying during a visit to Abuja.
MUMBAI Tata Power Co Ltd (TTPW.NS) said it had agreed to sell its 30 percent stake in coal mining firm PT Arutmin Indonesia to Indonesia's Bakrie Group for $500 million.
Tata Power, part of India's largest conglomerate the Tata Group, said the sale would go to increase its cash flow and reduce its consolidated debt, without affecting coal supply to its plants.
Tata Power signed the agreement through its wholly owned units, the company said in a statement, without specifying them.
The sale is subject to restructuring moves, which Tata Power plans to complete in the next three months, the statement added.
(Reporting by Nandita Bose; editing by Jane Baird)
ALGIERS Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.
BERLIN European Central Bank President Mario Draghi is set to face tough questions from German lawmakers on Wednesday about the bank's ultra-loose monetary policy, just as the ECB is considering even more stimulus to revive inflation.